Well, personally, went LFR in pretty average gear (459, 460 with a ring from my tank set to allow queue) and came top 5 constantly with a couple of fights battling for first. Either I'm amazing (unlikely) EVERYONE else sucked (possible) or we aren't so bad at the moment (most likely).
Since picked up around 4/5 epics, hit and exp capped so haste etc starting to rise and I should be doing much better this next week.